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CRS Global Summary
An evolving financially transparent world
The Common Reporting Standard (CRS) is the standard for Automatic Exchange of Financial Account Information (AEOI) developed by the Organization for Economic Co-operation and Development (OECD). It is a comprehensive reporting regime that draws extensively on the Intergovernmental Agreement (IGA) approach to implement FATCA.
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Understanding Common Reporting Standard requirements
The Common Reporting Standard (CRS) is the new global standard for Automatic Exchange of Financial Account Information (AEOI) developed by the Organization for Economic Co-operation and Development (OECD). Based upon the Foreign Account Tax Compliance Act (FATCA), CRS is a legal basis for exchange of tax data among participating jurisdictions.
Deloitte’s CRS approach leverages our global tax reporting knowledge and experience and footprint to quickly and effectively identify impacted lines of business within the organization, consistently apply a global interpretive standard, and jointly develop tested implementation processes within applicable timelines.
Download the attached placemat and presentation deck to learn more.
CRS global summary
The OECD released the first edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters on July 21, 2014, containing the Common Reporting Standard (CRS). By October 2014, over 90 jurisdictions had signed or committed to sign the CRS.
Similar to FATCA, the CRS requires financial institutions resident in the participating jurisdictions to implement due diligence procedures to document and identify reportable accounts under CRS as well as to establish reporting processes on the reportable accounts identified.
Download the attachment to see where various countries are aligned.